Valentine Waturuochahas been involved in articulating Cyber Security Policy, reviewing the Auditor General’s report on overall IT spend in Australia. He speaks on block chain and crypto currency technology and how they can transform the Nigerian economy.
Shall we meet you sir?
My name is Valentine Waturuocha – I am a Software Engineering Technology Executive/Expert) based in Australia. I have worked and consulted for several clients to include Citibank International, PwC, Norwich Union, IAG Insurance, Bank of Scotland, Gold Coast City Council Australiaamong others.
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As an expert how in your view can blockchain enhance transparency in society?
Blockchain provides an immutable and transparent ledger for transactions. This means that once data is recorded, it cannot be altered or tampered with, promoting transparency in areas like voting, public spending, banking, and charitable donations, allowing citizens to trust that actions are being conducted fairly and responsibly.
Do you think blockchain improve financial inclusion?
Blockchain and cryptocurrency can help unbanked populations access financial services. With blockchain, individuals don’t need a traditional bank account to send, receive, or store money. This technology can enable secure and low-cost financial transactions for people in remote or underserved areas.
How does cryptocurrency contribute to economic growth?
tocurrencies can stimulate economic growth by providing alternative investment opportunities, enabling borderless transactions, and promoting new industries such as decentralized finance (DeFi). They can also reduce transaction costs, speed up cross-border payments, and encourage innovation in financial markets.
Do you think blockchain help in fighting corruption?
Blockchain’s transparency and immutability make it an ideal tool for preventing corruption. By using blockchain to track government spending, procurement processes, and contracts, authorities can ensure that funds are being used properly and reduce opportunities for bribery, fraud, and other corrupt activities.
Some say that blockchain improve supply chain transparency. Is that true?
Yes, blockchain enables end-to-end traceability in supply chains. By recording every transaction on an immutable ledger, it ensures that goods and services are tracked from origin to delivery. This transparency helps ensure ethical sourcing, combats counterfeit goods, and increases consumer trust.
Can blockchain be beneficial to the healthcare sector?
Blockchain can enhance healthcare by securely storing patient records and ensuring that medical data is accessible only to authorized individuals. It can also streamline the sharing of information between healthcare providers, reduce administrative costs, and prevent fraud in insurance claims.
How else can cryptocurrency help in times of financial crisis?
Cryptocurrency can provide an alternative store of value during times of financial instability or hyperinflation. For example, citizens of countries experiencing currency devaluation can use cryptocurrencies as a safe-haven asset, protecting their wealth from the loss of value in their national currency.
What role does blockchain play in securing digital identities?
Blockchain can provide a secure and decentralized system for managing digital identities. Instead of relying on centralized authorities, individuals can control their own identities and personal information, reducing the risk of identity theft and fraud. This system can be applied in areas like online banking, voting, and government services.
How can cryptocurrency enable better charitable giving?
Cryptocurrency allows for instant, low-fee, cross-border donations to charitable organizations. It can increase donor trust, as blockchain technology ensures transparency in how funds are used. Donors can track where their contributions go, ensuring that the money is spent appropriately.
How does blockchain improve data privacy?
Blockchain allows individuals to have greater control over their personal data by enabling them to share only the information necessary for a specific transaction. Blockchain’s decentralized nature makes it harder for data breaches to occur, as there is no central database to target, enhancing overall privacy and security.
Any final thoughts?
While the overall impact of cryptocurrency trading on a national currency is still evolving, the potential for cryptocurrencies to influence currency values is evident.
The primary effects are driven by capital flows, inflationary pressures, government regulations, and shifts in monetary policy. Countries that are more open to adopting or regulating cryptocurrencies might see different impacts than those that impose strict controls or bans on them. Therefore, the relationship between cryptocurrency trading and the value of a national currency is complex and multifaceted.
